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I don't think that accomplishes a high enough PPS for the all the warrants to get exercised.
In my opinion, Sabby is influencing this situation more so than Seamus (It's still on Seamus for putting himself and the company at the mercy of Sabby).
I don't begrudge anybody hope. And I would like to see the R/S dropped otherwise it will wipe out my remaining shares (and any hope at recovering any losses).
I just don't see any logical reason for it to be cancelled at this point.
There may have been a small chance that was the intention when the R/S was first announced before the most recent 1:500 R/S. However, the "unexpected", immediate and severe drop in share price has all but assured another R/S is necessary.
But lets play out the assumption the R/S is cancelled. Even with the company PRs pumping the following accomplishments share price continued to drop fast and significantly.
- The purchase of a 2nd hospital
- 10Q promoting increased revenue
- The announcement of a purchase of a 3rd hospital
- Announcement of spin offs
If none of those accomplishments brought up share price why would you think a cancellation of a R/S would bring price up?
I don't think they will let this fall to .0001 before enacting the 1:10,000 R/S.
I am of the opinion it would occur closer to the .001 level, mainly because they need it to be around $5.00 - $10.00 per share post R/S in order for Sabby to have enough of a buffer to exercise all of it's warrants.
Waiting to .0001 would only give them a $1.00 share price and not enough room to sell everything off before dropping below the $.30 (or whatever exact number it is) warrant price.
Many of us held a positive view about Mexus 2 years ago that no longer do.
A lot has happened with the company in the last two years - most of it very unfavorable and seemingly dishonest. (I could rehash those details some more ad nauseam if you'd like.)
While folks are certainly welcome to remain positive about the future of the company, one certainly can not fault those who have not maintained that positive outlook.
Ok, I'll bite...
...and how do you know these things?
What?! You mean the gold is right there in the dirt all I need is a sifting pan and a magnet then I can watch as the 92% coin grade gold will just flow into my pan or stick to my magnet?
Stop the drilling! No need to waste any more money on that foolishness. Lets set up a leaching pad and go to town.... oh wait you mean we did and it didn't produce any of that 92% pure gold?
Well then don't worry.... we'll set up a VAT and recover it that way. What?... that's been tried too and didn't work?
Golly! Guess it isn't as obvious and simple as some would make it out to be.
In my opinion, if there was any legal recourse it would be with the board's circumventing of the shareholders voting rights.
How can the BOD unilaterally determine that the temporary value of 1 preferred stock voting right is the equivalent of 12,000 common shares? Why would that change not require shareholder approval?
Basically from now on, whenever the board wants to do something that shareholders won't approve they will invoke this preferred share value clause and approve whatever they want without ever needing shareholder vote.
Agreed.
If the proposed R/S goes through, the company will have went from almost 10 billion shares outstanding to less than 5000 outstanding shares.
How that is not illegal as hell is beyond me.
Many were pumping anything in the trips as a good entry point just two weeks ago. They were wrong. I wasn't here for the R/S before this one, but I bet if I looked there were people saying to was a good time to buy back then too. They were wrong.
This stock is closing lower every day and has almost every day for the last 3 months. The smart money will wait for an uptrend before buying in.
Once this thing gets to sub penny again, the only way Seamus can get the price back up to the $7-$10 per share it needs to be in order to be eligible for Nasdaq listing is the 1:10,000 R/S.
The debt load is still way too high and the company isn't producing a positive cash flow (meaning not only is it unable to pay of it's current debt obligations through operations it is still generating more debt).
At this point more signs indicate the R/S will be happening than indicate it is a bluff.
Seamus really does need to step up to the microphone and let shareholders know what is going on. The stock has gone through a R/S he stated was necessary to bring the price up to attract more buyers, only to have the post R/S price drop to sub-penny in a little over 1 week.
If he continues with the silent treatment, I think that's another indicator he intends to follow through with the 1:10,000 R/S. It's obvious by his lack of communication he has very little concern for shareholders.
By the way, the rationale for surprise addition of the 1:10,000 R/S was never given by the company.
Never claimed it was a scientific method, but to hear so often how this vein is so highly enriched that it just sparkles in the mine shaft, one would think you'd be able to see a ribbon or two of gold in the core samples.
Like I said, time will tell if there's gold in there or not.
Whar's the gold nuggets 8 promised?
Obviously time will tell, but to the naked eye the new pictures don't appear to show any cores with bonanza grade gold levels.
It's really simple. Even with the higher revenues the company has not attained a positive cash flow. The company has to raise cash in order to cover for that shortage. That is done by either selling more shares (dilution) or borrowing from lenders (and not on favorable terms).
Both of those options put negative pressure on stock price.
I've sen a few posters claim they are making money on certain plays. There may be ways here to make money. However, I caution everyone not to believe anyone who claims they are making money on this stock by buying the dips and selling at the highs. Ain't no way anybody's timing is that good.
Reminds me of the people who walk out of the casino bragging about the $1,00 jackpot they hit, while disregarding the point they lost $2,000 to win that $1,000 jackpot.
You're really trying to sell that the VAT was considered a success, it just didn't have the right material loaded into it? Talk about moving the goal post.
All institutions, including medical, keep cash on hand. At minimum, a company tries to keep 30-60 days cash on hand.
Revenues are all well and good, but the company is still not making a profit. That means the amount they are short still has to be covered by something - either sale of shares (dilution) or borrowing from lenders (toxic funding).
Until they can positive cash flow these two hospitals they have no business trying to acquire any additional assets.
Well said.
No, I didn't.
We've both made our case for why or why not we believe he was fed information from someone inside Mexus. We disagree with each other's assessment - and that's fine.
I disagree. The whole incident with MarMar has left a negative impression with folks. The company has taken a hit. The financing (toxic note) issue also caused people to raise an eye brow.
If the drilling by some chance turns out to be a fabrication, I think it is the straw that breaks the camel's back.
Of course, even then the company will go on for as long a Don chooses to continue to finance the operations, but other than a small group of devoted followers/investors who are already over committed, nobody else will touch the stock.
I've never told anyone to call anybody. Apparently the point of my first post today was lost on folks.
I was trying to point out the irony of a poster, who routinely conveys new information about Mexus that is potentially learned from talking to company reps, using that information to refute another poster's claims that they had too talked to company reps.
I personally don't need additional clarification. I don't know if drilling has started or not. If it hasn't it likely will. If it never starts, that will eventually come out and be the likely end of Mexus.
Mexus does not have to provide, nor should they be expected to provide an update for every little detail or question any message board poster might convey. Until Mexus provides additional information posters on both sides can only convey their opinion. Both sides routinely try to convey their opinion as fact.
I wasn't aware Mexus IR had instructed investors to quit calling Major drilling. It may very well impact who does business with Mexus in the future. Yes, that is ultimately detrimental to shareholders interest.
However, that so many shareholders feel so insecure about Mexus' credibility that they are inundating a contracted partner with verification calls is extremely telling. Yes, the trolling should be blamed for some of that. Mexus also has culpability for allowing their credibility to fall so low that so many investors feel the need to verify every minor detail.
Please read his WHOLE post again.
So Major does not communicate with the public on contracted work, yet somehow you've been given info on how long they will be on site and that they will be done prior early Dec?
Hmmmmm.....
Not trying to be argumentative, but why would Major Drilling be deciding the vertical/angle etc.?
Wouldn't that fall on Mexus to decide? (or at the very least a collaborative effort between Mexus and Major Drilling?)
Thank you for proving my point.
Mexus is giving Major Drilling a 300 meter area to perform 800 meters of drilling.
And your still trying to sell the straw-man argument that while Mexus may have chosen the area Paul isn't choosing where to drill the holes.
Don't get me wrong, kudos to Major Drilling and Mexus if 100,000oz of recoverable gold can be proven in that small area. That is no small amount of gold.
However, Mexus is effectively deciding where the drill holes will occur by significantly limiting the area chosen to being drilled.
Interesting... I interpreted it differently. But your read on it has some merit. The claim being made is Mexus Identified the area to be drilled. Paul is NOT choosing where to drill holes for recovery of 2500 feet of cores.
It does seem strange to distinguish Mexus in the first sentence and Paul in the second sentence. Doing a quick read, most folks would assume Paul and Mexus can be used interchangeably in this context. (i.e. Mexus indentified the area, but Mexus did not choose where).
Tthe intent may be to try and provide credibility to the drilling program by giving the perception that Major Drilling is calling the shots on the location of the drill holes, when the more likely scenario is someone connected with Mexus is deciding, just not Paul (i.e. Cesar).
This is a perfect example of what happens on these boards. The company put out a PR. Another poster adds to it with "facts" that may or may not be intentionally written to be misinterpreted by other posters. Then when folks feel lied to, come back and claim the company never made any such claim.
Perhaps the poster making this claim would like to clarify if Mexus personnel or Major Drilling personnel are determining the drill hole locations?
Like you said, standard procedure does not usually have the drilling company select where to drill.
Interesting... You may be right as the wording says Mexus Identified the area to be drilled. Paul is NOT choosing where to drill holes for recovery of 2500 feet of cores.
Having more drilling data certainly doesn't hurt. Hopefully it determines whether or not the property can be mined can be profitable.
That's a fair point. Argo may have more profitable options to explore than Mexus.
However, I'd argue that if the drilling results showed there is money to be made there would be a "reputable" JV willing to take on the project.
Bravo.
Well played, sir.
Ok. Assuming all of that is true, the POG never dropped below those price levels and now sits comfortably above those price levels.
So why did Argo never come back to the project if it can be profitable at $825oz?